NCRC Statement On President Biden’s Veto Of Section 1071 Repeal
By NCRC
“This is how a doomed and dishonest attack on small businesses ends: not with a bang, but with a veto. It is of course good that President Biden defended the principle that lending discrimination is wrong. It’s just a shame that the financial industry’s favorite elected officials wasted everyone’s time with this nonsense. I look forward to the day we can all reap the economy-wide rewards of fairer, clearer credit for entrepreneurs – and hope industry cynics will drop their ill-considered lawsuits and embrace the future.” [Read more]
Views
Case Study: How Catapult Greater Pittsburgh’s Storefront Incubation Programs Are Supporting Women Entrepreneurs Of Color
By Joshua Devine, NCRC
Accounting for 42% of all women who opened new businesses, the number of Black-women-owned firms grew by nearly 50% between 2014-2019. Even so, the devastating impact of the COVID-19 pandemic falling disproportionately on Black business owners did not deter Black women entrepreneurial growth. The National Association of Women Business Owners reported that of the 5% of women who started businesses, about half (47%) were Black women. [Read more]
Case Study: How The El Paso Hispanic Chamber Of Commerce Is Ensuring Capital Readiness For Rural Hispanic Entrepreneurs
By Joshua Devine, NCRC
Latino-owned businesses (LOBs) are the fastest growing segment of the US business population and are becoming a major economic engine, according to the Annual State of Latino Entrepreneurship report. In recent years, LOBs have outpaced the growth rates of both White-owned businesses (WOBs) and US businesses in general, as measured by both number of businesses and amount of revenue. [Read more]
Case Study: How Black Businesses Can Build Competitive Advantage For Anchor Procurement With The Atlanta Wealth Building Initiative
By Joshua Devine, NCRC
Across industries, the majority of African American-owned small businesses are concentrated in healthcare and social assistance. Despite the nearly threefold increase in Black entrepreneurship, the proportion of Black revenue decreased from 1% to 0.5%. In fact, Pew Research notes that most Black-owned businesses have relatively small payrolls and limited revenue generation. [Read more]
Research
NCRC’s Guide To The 2023 Community Reinvestment Act Final Rule
By Kevin Hill, NCRC
The Retail Lending Test is much more objective and transparent thanks to these changes. The expansion of the test’s reach and reformulation of its scoring process for large banks should make this CRA component’s incentives much stronger. [Read more]
REDLINING THE RESERVATION: The Brutal Cost Of Financial Services Inaccessibility In Native Communities
By Dave Castillo, Bruce C. Mitchell, PhD, Jason Richardson, and Jad Edlebi, NCRC
Citizens on tribal lands live starkly different lives from Americans living in other areas: Tribal areas face infrastructure challenges not only in transportation connectivity and internet access, but in basic quality-of-life necessities like electricity, fresh water, sanitation and heating/cooling systems. [Read more]
Events
2024 Just Economy Conference: Registration Now Open
By NCRC
We are so excited to invite you to join us in person from April 2-4 in Washington, DC. The super early bird tickets won't last much longer. Register today and save! [Register here]
In the News
Borrowers Turned To Nonbank Lenders For Mortgages — And It’s Costing Them
By Ann Choi, Caleb Melby, Raeedah Wahid, Polly Mosendz, and Nadia Lopez, Bloomberg
Whatever the reasons for the disparities, higher fees can be a burden. “Closing costs are one of the biggest barriers to new homeowners,” says Jesse Van Tol, president of the National Community Reinvestment Coalition, a nonprofit group based in Washington. “Saving for a house is hard enough. When you are paying $5,000 more than other borrowers, it is a massive barrier.” [Read more]
HUD To Modernize Indian Home Loan Program With Rule Update
By Chez Oxendine, Navajo-Hopi Observer
Direct funding isn’t the only issue. Lender participation in the Section 184 program has been “negligible” and none of the three largest mortgage lenders in the country participate in the Section 184 program according to a new report by the National Community Reinvestment Coalition. Just 2,200 loans each year have been made under the program, the report on financial inaccessibility called “Redlining the Reservation."[Read more]
On Our Radar
‘Never Thought I’d Be In This Situation’: US Readers On Their Housing Realities
By Raksha Vasudevan, The Guardian
Williams is among the hundreds of people who shared with the Guardian their hopes for the homes they’d like to have, versus their housing realities. Taken together, they portray an America where even modest housing dreams are increasingly out of reach for many, and especially for certain groups like seniors. [Read more]
BankThink The Federal Home Loan Banks Should Embrace Their Housing Mission
By Barry Zigas, American Banker
The US faces a widespread and persistent lack of affordable housing. This broad crisis is affecting the well-being and welfare of households of all incomes and ages. If the government is to continue providing extraordinary advantages to an ostensibly housing-related system of banks, as well as to its private shareholders, should regulators explore ways to put those benefits to the best use of Americans in a time of great need? [Read more]
Resources
Work And Meet At The Just Economy Club It's aDC hubfor nonprofits and the social sector, around the corner from the White House. Move your team into a private office or host your meetings and events or hang out in the lounge. [Read more]
Learning & Training Hub Register for NCRC's catalog of professional development courses for community development leaders. [Learn more]
Research And Reports We have an extensive library of research and reports that dates back many years! [View all]
Sign And Share The Just Economy Pledge America should not only promise but deliver to all Americans opportunities to build wealth and live well. Sign and share the pledge to help us expand the movement for a Just Economy. [Sign and Share]
Fair Lending Tool Use our interactive tool to produce a report on mortgages, small business lending and bank branch networks for any city, county or metro area in the nation. [Access the tool here]
.png?width=400&upscale=true&name=NCRC%20color%20FINAL%20(1).png)